Georgia to reduce taxes, says Economy Minister
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The Georgian Government is not going to increase taxes, but on the contrary – taxes will be reduced, announced Georgia’s Economy Minister Giorgi Kvirikashvili today.
"We have been working very hard to reduce taxes. We think we need more liberalisation in this direction,” Kvirikashvili said.
How the Government planned to reduce taxes will be announced in the coming days, Kvirikashvili said.
"In terms of budget adjustment, it is very important to properly to calculate the costs,” the country’s Economy Minister said.
The Analytic Mission of International Monetary Fund (IMF) are currently in Georgia to review the economic situation and will provide recommendations about what kind of changes the Government should implement regarding the state budget.
Georgia’s Prime Minister Irakli Garibashvili has already shared the country’s plan of action with IMF representatives.
The sides met in Tbilisi yesterday and discussed the current situation in the region and the major factors that have influenced the instability of economies of Georgia other countries in the region.
IMF said within the framework of the Mission, Georgia’s economic processes and macro-economic parameters will be evaluated and a risk analysis will be carried out together with the Government and the National Bank of Georgia.
Georgia is taking action to tackle the effects of the recent economic developments.
The Georgian economy should be comprehensively evaluated in light of the recent economic hardship and the external factors that are affecting the economy should be adequately reviewed, says Azim Sadikov.
The Government of Georgia is pledging to do everything it can to avoid price increases on the cost of goods and services due to the ongoing depreciation of the national currency.
The International Monetary Fund (IMF) has penned a list of recommendations to help stabilise the country’s economy.
Georgia’s Finance Minister has outlined the January-May budget achievements at today’s Government meeting, saying the situation is "promising” in the country.
Georgia’s state budget will be reduced by about 140 million GEL to overcome the ongoing currency crisis and to cover the cost of the June 13 deadly flood damage, which is believed to exceed 100 million GEL.
Between January and August 2015, Georgia’s state budget enjoyed 823 million GEL extra income than the same period of last year, announced the country’s Finance Minister.
Tax revenue for the Georgian state budget paid by foreign-owned enterprises in Georgia increased and reached 945.1 million GEL in 2018, reports data from the State Commission on Migration Issues